"A Great Step Forward" - EU Praises Yellen's Global Minimum Tax, Says Deal Could Come Later This Year | ZeroHedge

"A Great Step Forward" - EU Praises Yellen's Global Minimum Tax, Says Deal Could Come Later This Year | ZeroHedge
"...big tech has good reason to be particularly unnerved by Treasury Secretary Janet Yellen's calls for a global minimum corporate tax rate.

• Though it didn't name its source, Bloomberg reported Tuesday that the EU plans to insist that its long-awaited digital tax on the US tech giants - which Washington (under Trump) had protested - be part of the same package as the global minimum corporate tax in order to secure a deal.
• A bevy of European officials have praised Yellen's call for nations to work together to set a new tax floor, a call that was made during a speech to the Chicago Council on Global Affairs yesterday...
• "It’s very good news,” Gentiloni said in an interview with Bloomberg Television’s Francine Lacqua where he welcomed "this new multilateral atmosphere with the new US administration and the strong possibility of cooperation in the global arena. One of the main results could be finding agreements in global taxation."...

Of course, the EU isn't the only transnational organization exclaiming the virtues of higher taxes. The IMF has been pushing predistributive and redistributive policies even before the pandemic, though it has since doubled down, as Mike Shedlock explains.
...in the meantime, analysts will need to factor in greater odds of a new global tax regime that could arrive before the end of the year...Read all.